If you’re buying a home in Columbus, Powell, Dublin, Westerville or Lewis Center, you’ll hear the phrase “earnest money” about five minutes after you say, “We want to make an offer.” Most people nod like they understand it… but secretly don’t. Let’s fix that so you feel calm and in control when it’s time to write a check.
1. What Earnest Money Actually Is (And Why Sellers Care)
Earnest money is a good-faith deposit you put down when you go into contract on a home in Central Ohio.
It tells the seller in places like Dublin, Powell, Upper Arlington, New Albany, Evans Farm, or Delaware:
“We’re serious. We’re not just kicking tires.”
It’s not an extra fee.
It’s not paid to the seller directly.
It’s money that sits in a neutral account while you work through inspections, financing, and all the fun stuff.
Think of it as you saying, “We’re committed enough to put skin in the game.”
2. How Much Earnest Money Do Buyers Usually Put Down?
In our Columbus-area market, there’s no magic one-size number, but there are patterns.
Typical ranges I see:
Often 1–3% of the purchase price, depending on price point and how competitive things are.
Sometimes more on higher-end or multiple-offer situations to stand out.
In a calmer situation—say a home in Westerville, Worthington, or Delaware that’s been sitting a bit—we might not need to be as aggressive. In a hot pocket of Dublin or Upper Arlington? Bigger earnest money can make your offer look more serious without changing the actual purchase price.
3. Where the Money Goes (And When You Might Get It Back)
Once we’re in contract, your earnest money is typically held by the title company or brokerage—not the seller.
From there, one of three things usually happens:
We Close:
Your earnest money gets applied toward your down payment or closing costs. It’s part of your money for the house, not extra.
You Back Out for a Protected Reason:
If we’ve built the right contingencies into the contract (inspection, financing, appraisal, etc.) and you cancel inside those timelines for one of those reasons, you usually get your earnest money back.
You Walk Away for a Non-Protected Reason:
If you just change your mind outside of the agreed protections, you’re at risk of losing that deposit to the seller. That’s why the contract details matter, whether the house is in Lewis Center, Evans Farm, or a classic Westerville neighborhood.
4. How Earnest Money Makes Your Offer Stronger (Without Overbidding)
When sellers in Columbus, Dublin, Powell, or Upper Arlington review multiple offers, they’re asking:
“Who is most likely to actually close?”
“Who looks serious vs. who might flake?”
A solid earnest money amount can:
Make your offer feel stronger and more committed without raising the price.
Help you stand out in multiple-offer situations, especially on move-in ready homes in places like New Albany, Westerville, or Lewis Center.
The key is to pair the right amount with smart contingencies so you’re showing strength without gambling recklessly.
5. How I Help You Not Accidentally Risk That Money
This is where having someone in your corner actually matters.
When we write an offer, I’ll walk you through:
How much earnest money makes sense for this house, in this neighborhood, at this moment.
Which contingencies protect you (inspection, financing, appraisal, sale of current home, etc.).
The exact deadlines you need to know so you don’t accidentally blow a date and put your deposit at risk.
Whether you’re buying in Columbus, Powell, Dublin, Evans Farm, Westerville, Upper Arlington, New Albany, Lewis Center, Delaware, or Worthington, the goal is the same: use earnest money as a tool to strengthen your offer—not a stress bomb.
If you’re thinking about buying and want to understand how much earnest money you’d realistically need in today’s Central Ohio market, that’s an easy conversation to start.
[Contact Patrick Murphy, REALTOR® — Columbus, Powell & Dublin Expert]
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